NOTICE AGENDA. Date: Place: Belgaum. For Lokmanya Multipurpose Co-Op. Society Ltd. Sd/- Vivek V. Kamat (Secretary)

Transcription

1

2

3

4

5 1 NOTICE Notice is hereby given to the members that the 17th Annual General Body meeting of the Lokmanya Multipurpose Co-op Society Ltd., Belgaum will be held on 28th September 2011 at 4.00 p.m. at Society s Regional Office 30/2/A/1, Bhagyanagar, Tilakwadi, Belgaum, Karnataka to transact the following business. AGENDA To read and confirm the proceedings of last General Body Meeting. To consider and adopt the audited statement of accounts for the year Consideration of the Audit Report and Annual Report for the year Disposal of Net Profit for the year Approval of Annual Budget To appoint Statutory Auditors for the year and fix their remuneration. To approve Amendments to the bye-law Nos.3 & 5. For Lokmanya Multipurpose Co-Op. Society Ltd. Date: Place: Belgaum Sd/- Vivek V. Kamat (Secretary)

6 2 Chairman s Views Dear Shareowners, It gives me great pleasure to welcome you to the 17th Annual General Meeting of Lokmanya Multipurpose Co-Op Society Ltd. The Society s Accounts for the year ended 31st March 2011 along with the Annual Report have already been circulated to you. With your permission I would like to take them and present the Chairman s analysis and discussion on the same. 1. Financial Results : ( Rs. In Crores) Sl.No. Particulars Deposits Loans Working Capital Profit (In Lakhs) As promised last year this year too Lokmanya continues to surpass previous records in Financial Performance. During F.Y your Society has shown tremendous progress in Core Sectors. Deposits showed a huge growth of 67 %. Loans showed a rise of 29 %. This year too the Society focused on Cost Saving & Cost control which resulted in cost cutting in core areas. Also other core income streams showed tremendous growth. Despite ever increasing business complexity, our Quality function has sustained its reach across the organisation and enabled us to deliver on the promises we made to our stakeholders year after year. 2. Message to the Lokmanya Team: At the outset I would like to put on record my appreciation to all of you for doing tremendous work and expect the same from you in the years to come.

7 3 We recognise the significance of education in the growth of an individual, a organistaion & that of a nation. We believe that to create a successful organisation our employees must constantly learn & grow professionally. While we were scaling up our operations we realised that it was imperative to build our Education department. Hence in the next couple of months we shall be setting up a full fledged Education Department which will impart specialized knowledge to our employees. I would like to take this opportunity to thank our Members, Depositors, Bankers, Govt. Departments, Advisors, Auditors and well wishers for their consistent and resolute support. I thank all my colleagues on the Board for their support and encouragement. My sincere regards to one and all and I pray for the ever increasing progress of the Society. With this I furnish the Annual Report and Financial Statements for the year and the budget for the year Thank you. Kiran D. Thakur Chairman Director s Responsibility Statement The Board of Directors of the Society confirms That in preparation of Annual Accounts, the applicable accounting standards have been followed and there has been no material departure. That the selected accounting policies were applied consistently and the Directors have made the judgments and estimates that are reasonable and prudent so as to give true and fair view of the state of the affairs of the society as 31st March 2011 and of the profits of the society for the year ended on that date. That the proper and sufficient care has been taken for the maintenance of the adequate accounting records,for safeguarding the assets of the society and for preventing and detecting fraud and other irregularities and That the Annual accounts have been prepared on a going concern basis. For and on behalf of Board of Directors Place: Belgaum Date: Kiran D.Thakur Chairman P. N. Dhond Vice-Chairman

8 4 Profit and Loss Account For the Year ending Particulars Amount Particulars Amount Advertising Expenses 17,722, Commission Received 3,469, Auditors Remuneration 1,974, Discount Received 1,296, Bank Charges 79, Interest On Gratuity 378, Brokerage & Commission 720, Interest Received On Loans 360,642, Consultancy Fees 8,887, Interest Received On Bank Deposits 140,806, Depreciation 16,917, Locker Rent Received 398, Donation 560, Miscellaneous 359, Electricity Charges 1,947, Processing Fees 8,135, Freight & Octroi Expenses 10, Profit On Mutual Funds 40, Gratuity 852, Rent Received 198, Insurance Premium 1,321, Trade Licences 18, Interest Paid On Deposits 338,534, Lodging And Boarding 76, News Paper & Magazines 70, Office Expenses 541, Office Rent 9,707, Petrol / Conveyance & Travelling Expenses 1,440, Pigmy Commision 19,061, Postage And Telegraph 110, Printing And Stationery 2,154, Professional Tax 61, Provident Fund 2,046, Rates And Taxes 472, Refreshment Expenses 400, Repairs And Maintainance 4,501, Security Charges 1,274, Staff Salary 41,729, Staff Welfare 1,150, Stamp Duty & Registration 49, Stipend 945, Telephone Charges 1,595, Vehicle Expenses 331, Profit 38,495, Total Total Date : 07/09/2011 For Lokmanya Multipurpose Co-Op.Society Ltd., Verified & found correct vide report of even date Sd/- Vivek V. Kamat (Secretary) Sd/- P.N.Dhond (Vice-Chairman) Sd/- Kiran D. Thakur (Chairman) Sd/- Avinash S. Dixit (Chartered Accountant)

9 5 Balance Sheet As On 31st March 2011 Liabilities Amount Assets Amount Share Capital 8,879, Schedule D Cash & Bank Balance 288,511, Reserve & Surplus Building Fund 18,333, Schedule E Investments 1,694,952, Reserve Fund 13,009, Dividend Equalisation Fund 685, Res. For Bad-Debts 5,557, Schedule F Loan & Advances 2,095,157, Res. For Unforeseen Losses 1,233, Profit & Loss A/c Previous Year 59,372, Profit & Loss A/c ,495, Borrowing From Bank 12,516, Schedule G Fixed Assets 614,931, Schedule A Deposits 4,552,154, Schedule H Accrued Int.On Loans 66,210, Schedule B Accrued Int.On Deposits 86,384, Schedule I Other Assets 51,891, Schedule C Other Liabilities 15,032, Total Total Date : 07/09/2011 For Lokmanya Multipurpose Co-Op.Society Ltd., Verified & found correct vide report of even date Sd/- Vivek V. Kamat (Secretary) Sd/- P.N.Dhond (Vice-Chairman) Sd/- Kiran D. Thakur (Chairman) Sd/- Avinash S. Dixit (Chartered Accountant)

10 Schedule A (Deposits) 6 S.No. Particulars Amount 1 Bal Abhivrudhi 27, Dhanvardhini R D Scheme 59,132, Fixed Deposit 2,607,351, Kalpvruksha Deposit 203,414, Locker Deposit 4,113, Lokmanya Lakshadish Deposit 12,370, Lokmanya Reinvestmant 1,070,313, Madhu Sanchay Deposit 257,157, Nivrutti Dhansanchay Deposit 266, Recurring Deposit 77,621, Savings Deposit 251,433, Security Deposit 1,884, Yashodhan Deposit 7,067, Total 4,552,154, Schedule B (Accrued Int on Deposits) S.No. Particulars Amount 1 Interest Payable F.D. 73,287, Interest Payable Kalpvruksh 1,048, Interest Payable Madhu Sanchay 3,420, Interest Payable Nivrutti Dhansanchay 4, Interest Payable S.D. 119, Intrest Payable R.D. 8,137, Locker Deposit Interest Payable 367, Total 86,384,880.07

11 Schedule C (Other Liabilities) 7 S.No. Particulars Amount 1 Deposit Received For Premises 50, Dividend Payable 2,103, Luxury Tax 24, Multipurpose Account 31, Recoverable Expenses 1,340, Rent Payable 439, Retention Money 935, Sundry Creditors 5,111, Sundry Deposit 6, Unclaimed Deposit 981, Seva Society 1,819, Seva Trust 1,331, Yuva Society 808, Tax Deducted At Source 48, Total 15,032, Schedule D (Cash & Bank Balances) S.No. Particulars Amount 1 Cash Account 14,009, Axis Bank 108,005, B.D.C.C. Bank 451, Bank Of Baroda 112, Bank Of India 6,160, Bank Of Maharashtra 137, Canara Bank 2,173, Central Bank Of India 314, Corporation Bank 518, Development Credit Bank 16, Goa State Co-Op Bank Ltd 2,957, ICICI Bank 6,975, IDBI Bank 514, Janata Sahakari Bank 188, Karnataka Bank Ltd 73, Oriental Bank Of Commerce 13,996, S. B. I. 893, Saraswat Bank Co-Op Bank 16,988, Shree Mahila Credit Souhardha Sahakari 105,879, State Bank Of Mysore 528, Syndicate Bank 768, The Cosmos Co-Op Bank Ltd Union Bank Of India 6,471, Total 288,511,050.54

12 Schedule E (Investments) 8 S.No. Particulars Amount 1 FD IN Syndicate Bank 9,461, FD IN Union Bank Of India 37,117, FD IN Bank Of Baroda 3,000, FD IN Corporation Bank 4,094, FD IN Cosmos Bank 121,316, FD IN Development Credit Bank 25,000, FD IN Fedral Bank 10,000, FD IN Janata Sahakari Bank 35,225, FD IN Janseva Sahakari Bank Ltd 1,000, FD IN Karnataka Bank Ltd 4,150, FD IN Oriantal Bank Of Commerce 152,186, FD IN PMC Bank Ltd 6,360, FD IN Saraswat Bank 277,701, FD IN Shree Mahila Cr Souhardha Sahakari Ltd 821,975, FD IN The Goa State Co Op Bank 78,336, FD IN Central Bank 800, FD IN Axis Bank 13,543, FD IN Bank Of India 52,047, FD IN Canara Bank 9,751, FD IN S.B.I 8,700, FD IN State Bank Of Mysore 18,185, Investments In Shares 1, LIC Mutual Fund 5,000, Total 1,694,952, Schedule F (Loans & Advances) S.No. Particulars Amount 1 Bicycle Loan 3, Cash Credit Loan 361,234, Gold Loan 189, Housing Loan 377,819, Hypothication Loan 148,021, Industrial Loan 46,020, Loans Against Deposit 203,463, Mortgage Loan 607,921, Personal Loan 350,483, Total 2,095,157,925.13

13 Schedule G (Fixed Assets) 9 S.No. Particulars Amount S.No. Particulars Amount 1 Building HO Mrutyunjay Nagar 1,921, Building Khanapur 22,980, Parking Space At Dadar 1,603, Premises Acharya Galli 3,206, Premises Bhavani Chamber 5,774, Premises Dadar Regional Office 56,024, Premises Gondhali Galli 2,839, Premises Guruwar Peth Tilakwadi 24,956, Premises H.O. 3,754, Premises H.O. Mrutyanajay Nagar 9,612, Premises Hindwadi Shop 1,629, Premises Konwal Galli 20,759, Premises Kore Galli 1,767, Premises Lockers Swroop Plaza 477, Premises Narayan Peth Pune 2,434, Premises Saraf Galli Shahapur 8,014, Premises Satara 3,392, Premises Sawantwadi 27,697, Premises Senapati Bapat Road Pune 58,847, Premises Swaroop Plaza G-9 269, Premises V. Nagar Branch 1,937, Premises Ved Bhavan 3,243, Property LBS Road Pune 22,038, Property Malvan 3,618, Property Margao Nanu Estates 15,022, Safe Locker 3,810, Gold Investment 30,366, Land Bhagya Nagar H.O. 1,176, Land Congress Road Tilakwadi 13,402, Land Jel Road Ratnagiri 3,000, Land Khanapur 5,625, Land Khanapur Road Tilakwadi 9,875, Land Khanapur Road Udyamabg 2,091, Land Malagaon ISawantwadi 2,203, Land Malagaon II Sawantwadi 1,501, Land Malagaon III Sawantwadi 1, Land Niravade Sawantwadi 33,100, Land Udyambag Industrialist 2,302, Premises RNA Santacruz 2,555, Premises Santoshi Mata Road Kalyan 4,400, Premises Shimpoli Road Borivali 85,049, Premises Vishnunagar Thane 20,772, Teekwood County Pune 3,500, Bicycle 12, Vehicles 15,931, Air Conditioner 1,827, Batteries 2,067, Computers 12,777, Electrical Equipments 798, EPABX System 85, Fax Machine 15, Generators 713, Machinery 1,194, Mobile & Telephone 320, Printers 1,845, Softwares 7,773, UPS 2,586, Elelctricity Meter 171, Furniture And Fixtures 38,253, Total 614,931,207.94

14 10 Schedule H (Accrued Int on Loans) S.No. Particulars Amount 1 Accured Int On Bicycle 2, Accured Int On Mortgage 909, Accured Int On Hypothecation 1,056, Accrued Int On Housing 12,833, Accrued Int On Industrial 130, Accrued Int On LD 4,360, Accrued Int On Personal 46,917, Total 66,210, Schedule I (Other Assets) S.No. Particulars Amount 1 Accrued Int On Bank Deposit 434, Advance For Pigmy Machines 725, Advance Rent 79, Closing Stock 1,920, Electricity Deposit 64, Deposit With S M Joshi Foundation 10,000, Deposit For Multipurpose Activities 1,140, Telephone Deposits 282, Sundry Debtors 175, Interest Receivables 14,016, Disputed Tax 5,609, Service Tax Receivable 53, TDS Receivable 208, Advance Paid 10,570, Advance Salary 288, Deposit For Premises 6,321, Total 51,891,913.75

15 11 Statement Showing Divisible Profit S.No. Particulars Amount Amount Profit as per Profit & Loss A/c Add: Int.Accrued on loan upto as per Provision of Sec 62(2) of MSCS Act Total Less: Int.Accrued on Loans upto Total Divisible Profit Deduction: 1 Reserve Fund Co-Op.Education Fund Reserve For Unforeseen Losses Proposed 12% Reserve For Bad-Debts Place : Belgaum Date : 07/09/2011 For Lokmanya Multipurpose Co-Op.Society Ltd., Sd/- Sd/- Sd/- Vivek V. Kamat P.N.Dhond Kiran D. Thakur (Secretary) (Vice-Chairman) (Chairman)

16 12 Auditors Report to the members of Lokmanya Multipurpose Co-op Society Ltd I have audited the attached Balance-Sheet of Lokmanya Multipurpose Co-op Society Ltd., as at 31st March 2011, the Profit and Loss account of the Society for the year ended on that date. These financial statements are the responsibility of the Society s management. My responsibility is to express an opinion on these financial statements based on my Audit. I conducted this audit in accordance with the Generally Accepted Auditing Standards in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on test basis, evidence supporting the amounts and disclosures in financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statements. I believe that my audit provides a reasonable basis for my opinion. Further, to my comments referred above I have obtained all the information and explanations, which to the best of my knowledge and belief were necessary for the purpose of audit. In my opinion proper books of accounts as required by law has been kept by the Society so far as it appears from the examination of the books. The Balance-Sheet and Profit and Loss accounts of the Society dealt in by the report are in agreement with the books of account subject to general observations made separately and in opinion and depending upon the information and explanation given to me, the accounts give the information as required by the law in the manner required and gives a true and fair view. In case of Balance-Sheet, of state of affairs as on In case of Profit and Loss accounts for the year ended I thank the Chairman, Board of Directors and the staff for their wholehearted co-operation extended during the course of audit. Place: Belgaum Date: Avinash S. Dixit Chartered Accountant (Membership No 11612)

17 13 ANNEXURE TO THE AUDITORS REPORT (Annexure 1) Notes on the accounts for the year : Significant Accounting Policies: Inventories: Closing stock has been valued at cost or market price whichever is lower based, on physical verification as certified by the management. Depreciation: Depreciation on asset is provided as per rates provided for last year. Revenue Recognition: Interest on loans and advances is worked according to accrual to comply with statutory requirements of the Income-Tax Act. It should be noted that for calculation divisible profits, accrued interest is reduced from the interest received to comply with the requirements of Section 62(2) of MSCS Act Fixed Assets: Fixed Assets includes all expenditure of capital in nature and is shown at cost less depreciation that finally shows W.D.V. Investments: Interest on investment is taken as based on certificates. Cash as on is taken as per the certificates issued by the Secretary. Place: Belgaum Date: As per my report attached Avinash S. Dixit Chartered Accountant (Membership No 11612)

18 Proposed Annual Budget S.No. Particulars Budget Expenses: 1 Advertising Expenses 30,000, Auditors Remuneration 2,200, Bank Charges 100, Brokerage & Commission 1,000, Consultancy Fees 20,000, Depreciation 30,000, Donation 1,000, Electricity Charges 2,200, Gratuity 1,500, Insurance Premium 1,900, Interest Paid On Deposits 600,000, Lodging And Boarding 200, News Paper & Magazines 100, Office Expenses 1,000, Office Rent 15,000, Petrol / Conveyance & Travelling Expenses 2,000, Pigmy Commision 28,000, Postage And Telegraph 125, Printing And Stationery 2,500, Professional Tax 75, Provident Fund 2,500, Rates And Taxes 500, Refreshment Expenses 500, Repairs And Maintainance 7,500, Security Charges 1,500, Staff Salary 65,000, Staff Welfare 1,500, Stamp Duty & Registration 100, Stipend 1,500, Telephone Charges 2,000, Vehicle Expenses 500, Net Profit 60,000, Total 882,000, Income: 1 Interest Received On Bank Deposits 250,000, Interest Received On Loans 610,000, Other Income 22,000, Total 882,000, Place : Belgaum Date : 07/09/2011 For Lokmanya Multipurpose Co-Op.Society Ltd. Vivek V. Kamat P.N.Dhond Kiran D. Thakur (Secretary) (Vice-Chairman) (Chairman)

19 15 Amendments to the Bye-Laws No: 3 & 5 Bye-Law No. Existing Bye-Laws Proposed Amendments Reason 3 Area Of Operation: The area of the operation of the Society Shall be confined to the states of Karnataka, Maharashtra & Goa only. Area Of Operation: The area of the operation of the Society shall be confined to the states of Karnataka, Maharashtra, Goa, Kerala, Gujarat, & NCT of Delhi. Since persons are interested to become members from the State of Kerala, Gujarat, & National Capital Territory of Delhi and to enlarge the activities of the Society to other states this amendment has been necessitated based on the decision of the General Body. 5 Objectives And Functions: The following are the objectives and functions of the Society. Objectives And Functions: The following are the objectives and functions of the Society. To Broad base the activities of the Society as per the requests of the members the proposed object & functions are included in this Bye-Law. a. Promote Social and economic betterment of members through self help and mutual aid in accordance with cooperative principles as specified in first schedule of the Act. a. Promote Social and economic betterment of members through self help and mutual aid in accordance with cooperative principles as specified in first schedule of the Act. b. Issue of shares to members. b. Issue of shares to members. c. Raise funds for the business of the Society. c. Raise funds for the business of the Society. d. Accept grants, subsidies, assistance and concessions from internal and external sources subject to any law for time being in force. d. Accept grants, subsidies, assistance and concessions from internal and external sources subject to any law for time being in force. e.to accepts deposits from members. e.to accepts deposits from members. f. To grant loans to members. f. To grant loans to members.

20 16 Bye-Law No. Existing Bye-Laws Proposed Amendments Reason g. To start, manage Specialty & Super specialty Hospitals and to undertake the related activities, subject to the approval of concerned authorities. h.to conduct Tour and Travel Agency business. i.to start and run Educational and Professional institutes, subject to the approval of the concerned authorities. j. To undertake all Insurance related activities for the betterment of the members by following necessary procedures. k. To Act as a sub-broker for shares and other related instruments. l. To do such other activities which are incidental and conducive for the promotion or advancement of the above stated objects. g. To start, manage Specialty & Super specialty Hospitals and to undertake the related activities, subject to the approval of concerned authorities. h. To conduct Tour and Travel Agency business. i.to start and run Educational and Professional institutes, subject to the approval of the concerned authorities. j. To undertake all Insurance related activities for the betterment of the members by following necessary procedures. k. To Act as a sub- broker for shares and other related instruments. l. To purchase and sale of land, building,godown and shops,construct building and maintain them for the use of the society, its employees, members and agents. m.to enter and run Hotel business. n. To accept deposit from Trusts who are members of the Society. o.to Purchase and sale of Gold and Bullion p. To do such other activities which are incidental and conducive for the promotion or advancement of the above stated objects.

21

22

23

24